How to Avoid the Risks Fraudsters are becoming increasingly sophisticated in their methods, and understanding their tactics is critical to protecting your digital assets. In this section, we will look at one such scam that has recently emerged and targets large transactions and trading volumes.
How to Avoid the Risks AirDrop Scam
One recent example is a new type of AirDrop scam that targets large transactions and trading volumes by airdropping tiny amounts of tokens to user addresses. These attacker addresses are deceptively similar to the victim’s address, tricking unsuspecting users into copying the wrong address from their transaction history and sending funds to it.
In this scam, users’ crypto addresses are continually dumped with small amounts of tokens (0.01 USDT, 0.001 USDT, etc.). The attacker’s address has the same last few digits as the user’s address, which encourages users to mistakenly send their funds to the attacker.
For example, one victim mistakenly sent 115,193 USDT to the wrong address, while another sent 345,940 USDT. In both cases, the attacker continued to distribute tiny amounts of USDT to victims using new addresses with the same ending characters.
How to protect yourself
The best defense against online fraud is a combination of vigilance and knowledge. Let’s discuss practical steps you can take to protect your assets and avoid falling victim to crypto scammers.
Check the entire address
Before sending funds, double-check the entire recipient address, from start to finish. Scammers rely on users copying addresses from transaction history without checking them. By making sure the address is authentic, you can avoid becoming a victim of these scammers.
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Use your address book
Most crypto wallets offer an address book feature that allows you to save frequently used addresses. Using this feature can help prevent copy and paste errors, reducing the chances of sending funds to the wrong address.
Stay up to date with the news
Learn about the latest scams to watch 7 best marketing automation out for so you can take the necessary precautions to keep your assets safe. Check out the resources below to stay up to date with the latest scams and frauds:
Reddit: The r/Cryptocurrency subreddit is a community-driven platform where users share news, updates, and discuss various topics related to cryptocurrency. Scam alerts and discussions of security incidents are often posted by community members.
Twitter: Follow reputable crypto numbers lists bloggers, security experts, and official Twitter accounts of popular crypto projects to get real-time updates on the latest scams and other security issues.
Blockchain Security Blogs: Many blockchain security companies, such as SlowMist, regularly publish blog posts and news about new vulnerabilities and scams in the cryptocurrency space.
Use two-factor authentication (2FA)
Two-factor authentication (2FA) provides an extra layer of security by requiring a second verification factor, such as a unique code generated by an app or sent via SMS, in addition to your password. By enabling two-factor authentication on your wallet and exchange accounts, you can make it more difficult for fraudsters to access your funds.
Be wary of any tempting offers.
As the old saying goes, “If an offer seems too good to be true, it probably is.”
Scammers often use social engineering tactics, such as offering non-existent investment opportunities or posing as technical support staff, to trick users into revealing sensitive information or transferring funds. Always verify the legitimacy of any offers/promotions/programs before taking any action.
Keep your private keys secure
Each user on the blockchain is given a unique set of keys, called “private” or “secret” keys. These keys protect your account from unauthorized access. Make sure you keep them safe and never share them with anyone. Consider using a hardware wallet, which stores your private keys offline and protects them from potential online threats.
Strengthening network security
In addition to protecting yourself from fraud, it is important to implement strong security measures for your digital assets. In this section, we will look at various strategies and technologies that will help you strengthen your security online.
Server protection
Securing your server is essential to the safety of your digital assets. Implement server protection with firewalls, intrusion detection systems, and strong encryption methods to prevent unauthorized access.
Multi-signature wallets
Multi-signature wallets require more than one private key to authorize a transaction, adding an extra layer of security to your digital assets. If one key is compromised, an attacker will not be able to access your funds without the other private keys.
CoinDesk: CoinDesk is a leading digital media platform covering news, information, and analysis on cryptocurrencies, blockchain technology, and digital assets. They often report on scams and security breaches in the crypto space.
CryptoSlate: CryptoSlate is a comprehensive crypto media platform providing up-to-date data and breaking news on cryptocurrencies and blockchain, including information on scams.
Account Monitoring
Regularly check your accounts and transactions to detect any suspicious activity. If you notice unauthorized transactions or receive airdrops from unfamiliar addresses, take immediate action to protect your assets.
